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CHAPTER I
Organization and Objectives
Article 1
The Organization of the Petroleum Exporting Countries (OPEC),
hereinafter referred to as “the Organization”, created as a permanent
intergovernmental organization in conformity with the Resolutions of the
Conference of the Representatives of the Governments of Iran, Iraq,
Kuwait, Saudi Arabia and Venezuela, held in Baghdad from Septem-
ber 10 to 14, 1960, shall carry out its functions in accordance with the
provisions set forth hereunder.
Article 2
A. The principal aim of the Organization shall be the coordination
and unification of the petroleum policies of Member Countries
and the determination of the best means for safeguarding their
interests, individually and collectively.
B. The Organization shall devise ways and means of ensuring the
stabilization of prices in international oil markets with a view to
eliminating harmful and unnecessary fluctuations.
C. Due regard shall be given at all times to the interests of the pro-
ducing nations and to the necessity of securing a steady income
to the producing countries; an efficient, economic and regular
supply of petroleum to consuming nations; and a fair return on
their capital to those investing in the petroleum industry.
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